South Africa’s current account deficit contracts, providing some relief from piling negative economic trends

SOUTH AFRICA - Report 06 Sep 2018 by Iraj Abedian

The South African trade balance switched from a deficit of R15.2 billion in the first quarter of 2018 to a surplus of R41.9 billion in the second quarter. On the other hand, the shortfall on the services, income and current transfer account widened slightly from R204.2 billion in the first quarter to R205.7 billion in the second quarter of 2018. As such, the marginal widening of the latter account was countered by the larger trade balance, resulting in the narrowing of the deficit on the current account balance of the balance of payments from R219.4 billion in the first quarter to R163.8 billion in the second quarter. This resulted in the narrowing of the current account balance as a ratio of GDP from 4.6% in the first quarter to 3.3% in the second quarter of 2018.

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